Bitcoin Tests $88K Support as Breakout Pressure Builds
Bitcoin (BTC) is trading near $88,600, entering a corrective phase after failing to hold the $97,300 swing high earlier this month. On the 4-hour chart, BTC is moving within a rising channel from the $83,800 low, while testing a critical support zone between $88,000–$87,300. Market indicators show easing selling pressure but a cautious near-term outlook.
📌 Key Facts
Support Zone: $88,000–$87,300, coinciding with prior demand and ascending channel lower boundary.
Resistance: 200-EMA near $91,200 caps rebounds; price remains below 50-EMA and 100-EMA.
RSI: Stabilizing around 40–42 after bouncing from oversold levels near 30.
Chart Pattern: Resembles a descending flag within a broader uptrend, indicating potential consolidation before a breakout.
Trade Setup: Buy $87,500–$88,000; target $94,000; stop-loss below $85,500.
💡 Expert Insight
BTC is in a corrective phase, with $87,300 acting as key support. Maintaining this zone could pave the way for a short-term rally toward $92,400–$94,500, but a breakdown below $85,600 risks further downside. Traders should watch support confluence and EMA resistance levels closely.
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